What is a Short Sale and How Long Does a Short Sale Take?

Many people have heard of short sales but they don’t always understand exactly what they’re for or how they work.

This video explains the basics in an easy to understand format. After watching it, you should know:

  • The basic definition of a short sale
  • How a short sale works
  • Basic requirements to qualify for a short sale

What is a Short Sale?

Video Transcript

In certain qualifying cases where a homeowner owes more on their home than what it is worth today, a lender may allow that homeowner to sell the property for less than the mortgage balance and accept a short sale. A short sale allows the homeowner to sell their home to a buyer, thereby avoiding a lengthy foreclosure process that can be damaging to credit and future ability to purchase real estate.

To qualify for a short sale as a homeowner, you must meet three simple requirements:

  • One, you must have a financial hardship for a verifiable reason why you are unable to pay your mortgage payment,
  • You must have insolvency or in the eyes of the bank you must not have the cash or assets to pay off your mortgage balance,
  • And three, you must have a monthly shortfall for verifiable financials that show that each month you can't afford all of your monthly payment obligations, including your mortgage.

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Our expert mortgage counselors can help you decide if a short sale is right for you.

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